S&P elevates North American Lifting

S&P said it raised its corporate credit rating on North American Lifting Holdings Inc. to CCC+ from CCC-. The outlook is negative.

S&P also raised its issue-level ratings on the company's first-lien credit facilities, which consist of its $30 million cash flow revolver and $470 million first-lien term loan due 2020, to CCC+ from CCC-. The 3 recovery rating remains unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

Concurrently, the agency said it raised the issue-level ratings on the company's $185 million second-lien term loan due 2021 to CCC- from C. The recovery rating remains 6, indicating an expectation for negligible (0%-10%, rounded estimate 0%) recovery in the event of a payment default.

“The upgrade follows the company's successful amendment and extension of its revolving credit facility (now due 2020). The overall size of the facility has been reduced to $30 million from $75 million,” S&P said in a news release.

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